LegalPay, which is the country’s leading legal and insolvency financing start-up, has tied up with Surat-based solar manufacturing business house Goldi Solar to launch Padmalaya Finserve, a non-banking financial company (NBFC) focused on legal and insolvency financing.
The NBFC plans to disburse Rs 1,000 crore worth of loans aimed towards legal expenses by FY24. Incidentally, LegalPay partners with various NBFCs to provide embedded legal financing to businesses at no-cost EMIs.
The Delhi-based start-up will use this newly formed NBFC to further scale its closed-loop legal financing for businesses to pay for their legal expenses without using debt or equity money.
The businesses can pay their legal costs using a credit line of up to Rs 50 lakh while the law firms get to expand their clientele on account of the flexible payment options.
Till date, LegalPay has onboarded more than 150 law firms and 1,000 businesses on its platform.
“This strategic equity acquisition in Padmalaya will help us go a long way in increasing our footprint in the legal, and financial space. This will help us bring more innovative products catering to the legal expense market,” said Kundan Shahi, CEO, LegalPay, which was founded in 2020.
In a similar context, Capt. Ishver Dholakiya, Founder & Managing Director of Goldi Solar, said that this is a one-of-a-kind partnership aimed at revolutionising transactions in the legal and insolvency industry. Dholakiya is also the director of a regional airline called Ventura Airconnect.
Goldi Solar is one of the leading Indian solar brands that manufactures panels, provides EPC services, and is also an independent power producer. Founded in 2011, it is a multinational company headquartered in Gujarat's Surat district, catering to several international brands in over 20 countries.
Meanwhile, LegalPay is India’s first litigation funding platform and provides embedded financing in the legal and insolvency market and has enabled such financing for marquee business clients and consultancy giants.
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